Five-Year Outlook 2024-2028

SPECIFIED FINANCIAL MEASURES ADVISORY In this presentation, we refer to certain specified financial measures which do not have any standardized meaning prescribed by International Financial Reporting Standards ("IFRS"). While these measures are commonly used in the oil and natural gas industry, our determination of these measures may not be comparable with calculations of similar measures presented by other reporting issuers. There are no significant differences in the calculations between historical and forward-looking specified financial measures. Non-GAAP Financial Measures Free cash flow Free cash flow in this presentation may refer to a forward-looking non-GAAP measure that is calculated consistently with the measures disclosed in the Company's MD&A. The most directly comparable financial measure for free cash flow disclosed in the Company's primary financial statements is cash flow from operating activities. For the three-months ended and nine-months ended September 30, 2023, cash flow from operating activities was $444.0 million and $821.3 million respectively and free cash flow was $158.4 million and $252.8 million respectively. For information on the composition of free cash flow and how the Company uses this measure, refer to the "Specified Financial Measures" section of the MD&A for the period ended September 30, 2023, which section is incorporated herein by reference, and available on the SEDAR+ website at www.sedarplus.com. Asset level free cash flow Asset level free cash flow represents the free cash flow for a set of assets and is used to assess the operating performance of a specific business unit. Asset level free cash flow is calculated the same as free cash flow, with the exdusion of corporate costs. This measure is comprised of petroleum and natural gas sales, adjusted for blending expense, royalties, operating expense, transportation expense, additions to exploration and evaluation assets, additions to oil and gas properties and asset retirement obligations settled. Operating netback The most directly comparable financial measure for operating netback disclosed in the Company's primary financial statements is petroleum and natural gas sales. For the three-months ended and nine-months ended September 30, 2023, petroleum and natural gas sales was $1.2 billion and $2.3 billion respectively and operating netback was $671.0 million and $1.2 billion respectively. For information on the composition of operating netback and how the Company uses this measure, refer to the "Specified Financial Measures" section of the MD&A for the period ended September 30, 2023, which section is incorporated herein by reference, and available on the SEDAR+ website at www.sedarplus.com. Total sales, net of blending and other expense Total sales, net of blending and other expense may refer to a forward-looking non-GAAP measure that is calculated consistently with the measures disclosed in the Company's MD&A. The most directly comparable financial measure for total sales, net of blending and other expense disclosed in the Company's primary financial statements is petroleum and natural gas sales For the three-months ended and nine-months ended September 30, 2023, petroleum and natural gas sales was $1.2 billion and $2.3 billion respectively and total sales, net of blending and other expense was $1.1 billion and $2.2 billion respectively. For information on the composition of total sales, net of blending and other expense and average royalty rate and how the Company uses these measures, refer to the "Specified Financial Measures" section of the MD&A for the period ended September 30, 2023, which section is incorporated herein by reference, and available on the SEDAR+ website at www.sedarplus.com. Return of capital Return of capital is comprised of dividends declared and repurchase of common shares and is used to measure the amount of capital returned to shareholders during a given period. Return of capital in this presentation may refer to a forward- looking non-GAAP measure and is calculated consistently with the historical return of capital. Historical return of capital for the three months ended and nine-months ended September 30, 2023 is calculated below. Three Months Ended September 30 Nine Months Ended September 30 2023 2022 2023 2022 Dividends declared $ 19,138 $ $ 19,138 $ Repurchase of common shares 89,266 78,790 89,266 141,254 Return of capital $ 108,404 $ 78,790 $ 108,404 $ 141,254 Non-GAAP Financial Ratios Free cash flow yield Free cash flow yield is calculated as the annual free cash flow at the assumed WTI price divided by market capitalization. This measure is used by management to compare the free cash flow per share against the market value per share. Free cash flow per unit Free cash flow per share is calculated as free cash flow at an assumed WTI price divided by the number of shares outstanding during the applicable period. This measure is used by management to compare against earnings per share metrics. There are no significant differences in calculations between historical and forward-looking specific financial measures. Average royalty rate Average royalty rate is used calculated as royalties divided by total sales, net of blending and other expense which is a non-GAAP measure. BAYTEX ENERGY NYSE TSX BTE 35

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